1. Technical Field
The present invention relates generally to establishing financial transaction rules for controlling a subsidiary financial account and, more particularly, to various systems, methods, and electronic devices configured to provide for the establishment of such rules.
2. Description of the Related Art
This section is intended to introduce the reader to various aspects of art that may be related to various aspects of the present techniques, which are described and/or claimed below. This discussion is believed to be helpful in providing the reader with background information to facilitate a better understanding of the various aspects of the present disclosure. Accordingly, it should be understood that these statements are to be read in this light, and not as admissions of prior art.
Many payment instruments currently exist and may be used to carry out a financial transaction between two or more parties. For example, payments may be made using cash, credit cards, debit cards, checks, electronic checks, and so forth. In recent years, the growth of electronic commerce may be at least partially attributed to the popularity of credit cards, debit cards, and other non-currency based payment instruments. Thus, while merchants generally continue to accept cash and currency as a method of payment for goods and/or services, most merchants now also accept payments made using credit cards, debit cards, stored-value (e.g., pre-paid) cards, checks, and electronic checks. In particular, online merchants (e.g., those operating “virtual stores” on the Internet or World Wide Web) may rely heavily on the use of credit and debit cards.
As we move to a more mobile and fast-paced society, the use of cash or currency is being increasingly replaced by the convenience afforded by payment cards, such as credit, debit, and stored-value cards. Consequently, children are receiving payments cards from their parents and beginning to use payment cards as payment instruments at younger ages. Generally, credit, debit, and stored-value card accounts used by children (e.g., subsidiary account) are linked to or associated with a primary account held by the parent. That is, while the child may be authorized to initiate charges using a payment card, the parent may ultimately be responsible for paying for such charges. Accordingly, it may be desirable to exert some level of control over the types of purchases or transactions a child is permitted to make using a subsidiary account.